Japan’s five-year breakeven rate, derived from the difference between government bond yields and those on inflation-linked debt, rose to 1.42 percentage points today, the highest on record going back to 2009.

A majority of the investors and primary dealers said they expect yields to continue to decline as the central bank begins additional monetary easing under the next central bank governor.

Prime Minister Shinzo Abe has nominated Asian Development Bank President Haruhiko Kuroda as the next Bank of Japan governor to spearhead a drive to boost growth and achieve 2 percent inflation.